AcaPrepare an individual essay of 1,500 words (excluding bibliography, appendices) on the following statement: “The principal of rationdemic Writing
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Prepare an individual essay of 1,500 words (excluding bibliography, appendices) on the following statement:
“The principal of rationality is considered to be the most important characteristic of individual behaviour in neoclassical theory. Under this principal, individuals can make such choices for which they maximize their utility.” Discuss the significance of rationality in behavioural economics and how this particular notion may influence the agreements between two or more parties. Your arguments must be fully supported by the inclusion of relevant economic theory, a literature search and examples if appropriate.
The answer of this coursework demonstrates the learning outcomes of topics 1-5. The student may take the following points into consideration:
· How the notion of rationality is treated by neoclassical and behavioural economics along with its significance to reality.
· Are individuals considered to be rational by behavioural economics?
· How rationality can affect contracts and agreement between two or more parties.
· How behavioural theories (e.g. Coase’s theory of the firm, the managerial approach, Williamson’s transaction cost approach, principal-agent theory) can provide an explanation on the contract procedure.
· Does the managerial approach of the firm (e.g. Baumol, Williamson and Marris) work under the behavioural assumption of rationality?
· Do transaction costs occur if individuals are rational?
· How do agreements work between principals and agents if both parties are rational? What happens in reality?
Project ID: #7699897
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